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Do disclose and undisclosed scheme covers all sorts of income?- Property Hotline
Posted
July 7, 2016
Views
49
July 7, 2016
49
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3:04Now PlayingBe Un Confused
Expert: Samir Kanabar, Partner- Tax and Regulatory Services at EY.
Question: My mother is a pensioner. She gets her own pension as well as the pension of her deceased husband from the State Govt. Her personal pension account has her pre-marital title, while her husband's account has her post marital title. According to the latest government circular, the deadline for disclosing undisclosed income is September 30th. My mother files tax returns on her husband's pension account since she has all the documents for it (PAN etc.). However, she does not file returns on her personal pension where her pre-marital title is used since there is no documentation in that name. Is it compulsory to disclose this income by September 30th?
Answer: A lot of marketing is done by the Ministry of Finance and CBDT on income disclosure scheme. Any incomes which are taxable and have not been declared as taxable income then you have an opportunity to make declaration. Any income which is less than Rs2 lakhs is not taxable that means you don’t need to worry. But if you’re getting pension which is more than the taxable limits then it is the right time to pay 45% tax.
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